VimpelComVimpelCom

Presentation of 4Q and Annual 2003Financial and Operating Results

Presentation of 4Q and Annual 2003Financial and Operating Results

March 25, 2004

2

DisclaimerThis presentation contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate, in part, to the Company’s development plans, such as national expansion. These statements also relate to the consummation of the merger between VimpelCom and each of VimpelCom-Region and KB Impuls each of which is subject to regulatory and certain other approvals, as well as certain other conditions precedent, including the transfer of all respective licenses and permissions to VimpelCom. If any of the respective approvals are not obtained or any condition precedent is not met, the mergers will not be consummated. The forward-looking statements are based on management's best assessment of the Company's strategic and financial position, future market conditions and trends and its ability to consummate the mergers. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of unforeseen developments from regulatory authorities, competition, governmental regulations of the wireless telecommunications industry, general political and social uncertainties in Russia, general economic developments in Russia, the Company’s ability to continue to grow its overall subscriber base, continued volatility in the world economy and other factors. There can be no assurance that such risks and uncertainties will not have material adverse effects on the Company’s development plans. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company's Annual Report on Form 20-F for the year ended December 31, 2002 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this presentation, or to make corrections to reflect future events or developments.

3

VimpelCom 2003 Financial Highlights

768.5

1335.6

2002 2003

Net Revenues, $ Million

768.5

1335.6

2002 2003

Net Revenues, $ Million

129.6

234.0

2002 2003

Net Income, $ Million

129.6

234.0

2002 2003

Net Income, $ Million80.6%80.6%

322.2

613.2

2002 2003

OIBDA, $ Million

322.2

613.2

2002 2003

OIBDA, $ Million

90.3%90.3%

41.9% 45.9%

2002 2003

OIBDA Margin

41.9% 45.9%

2002 2003

OIBDA Margin

73.8%73.8%

Source: VimpelCom

4

VimpelCom-R 4Q2003 Financial Highlights

128.7155.2

3Q2003 4Q2003

Net Revenues, $ Million

128.7155.2

3Q2003 4Q2003

Net Revenues, $ Million

17.6

35.6

3Q2003 4Q2003

Net Income, $ Million

17.6

35.6

3Q2003 4Q2003

Net Income, $ Million

102.3%102.3%

49.8

62.3

3Q2003 4Q2003

OIBDA, $ Million

49.8

62.3

3Q2003 4Q2003

OIBDA, $ Million25.1%25.1%

38.7% 40.2%

3Q2003 4Q2003

OIBDA Margin

38.7% 40.2%

3Q2003 4Q2003

OIBDA Margin

20.6%20.6%

Source: VimpelCom

5

Operating Highlights

‣ 13.2 million subscribers in Russia as of March 25, 2004

‣ National market share increased from 28% to 31% during 2003

‣ Fastest growing operator in Central, Volga, South and Siberia super-regions

‣ 15 new regions launched in 2003 increasing VimpelCom’s footprint to 55 regions

‣ Migration of regional subscribers to the unified integrated billing and customer relations management system is completed

‣ Introduction of countrywide prepaid on-line roaming and GPRS based services

6

National GSM Network Rollout

In commercial operation In commercial operation

Other licensed regions Other licensed regions Unlicensed territories Unlicensed territories

12

3

4

5

678

9

1011

12 13

1415

16

17

18

192021

22

232424

25

26

27

2829

30

31

32

33

34

35

36

37

38

39

40

41

4243

44

45

46

47

48

49

5051

52 53

54

55

56

MoscowPopulation: 17.0 mln.MoscowPopulation: 17.0 mln.

CentralPopulation: 21.0 mln.CentralPopulation: 21.0 mln.

SouthPopulation: 22.9 mln.SouthPopulation: 22.9 mln.

VolgaPopulation: 25.2 mln.VolgaPopulation: 25.2 mln.

SiberiaPopulation: 15.3 mln.SiberiaPopulation: 15.3 mln. Far East

Population: 11.4 mln.Far EastPopulation: 11.4 mln.

UralsPopulation: 18.3 mln.UralsPopulation: 18.3 mln.

NorthwestPopulation: 14.0 mln.NorthwestPopulation: 14.0 mln.

7

National GSM network rollout (regions)

NetworkLaunch

NetworkLaunch

1. City of Moscow2. Moscow Region3. Voronezh4. Tver5. Kaluga6. Vladimir7. Ryazan8. Lipetsk9. Tula10.Yaroslavl11.Smolensk12.Belgorod13.N. Novgorod14.Saratov15.Rostov16.Barnaul17.Kemerovo18.Novosibirsk19.Bryansk20.Kostroma21.Ivanovo22.Orenburg **23.Kursk24.Orel25.Omsk26.Kazan27.Tomsk28.Krasnodar29.Maykop30.Volgograd31.Ufa

1. City of Moscow2. Moscow Region3. Voronezh4. Tver5. Kaluga6. Vladimir7. Ryazan8. Lipetsk9. Tula10.Yaroslavl11.Smolensk12.Belgorod13.N. Novgorod14.Saratov15.Rostov16.Barnaul17.Kemerovo18.Novosibirsk19.Bryansk20.Kostroma21.Ivanovo22.Orenburg **23.Kursk24.Orel25.Omsk26.Kazan27.Tomsk28.Krasnodar29.Maykop30.Volgograd31.Ufa

Jul 1999Jul 1999

May 2000Sep 2001Sep 2001Sep 2001Sep 2001Oct 2001Oct 2001Oct 2001Nov 2001Nov 2001Jan 2002Jan 2002Jan 2002Jan 2002Jan 2002Jan 2002

May 2002May 2002Jun 2002Jul 2002

Aug 2002Aug 2002Aug 2002Aug 2002Sep 2002Sep 2002Sep 2002Oct 2002Oct 2002

Jul 1999Jul 1999

May 2000Sep 2001Sep 2001Sep 2001Sep 2001Oct 2001Oct 2001Oct 2001Nov 2001Nov 2001Jan 2002Jan 2002Jan 2002Jan 2002Jan 2002Jan 2002

May 2002May 2002Jun 2002Jul 2002

Aug 2002Aug 2002Aug 2002Aug 2002Sep 2002Sep 2002Sep 2002Oct 2002Oct 2002

AreaArea SuperRegionSuperRegion

10,3586,6272,3791,4731,0411,5251,2281,2131,6761,3681,0501,5123,5242,6694,4072,6072,9002,6921,379

7371,1492,1771,236

8612,0793,7801,0465,571

--2,7024,103

10,3586,6272,3791,4731,0411,5251,2281,2131,6761,3681,0501,5123,5242,6694,4072,6072,9002,6921,379

7371,1492,1771,236

8612,0793,7801,0465,571

--2,7024,103

AreaPopul.(‘000)

AreaPopul.(‘000)

MLA *MLA *

CentralCentralCentralCentralCentralCentralCentralCentralCentralCentralVolgaVolgaSouthSiberiaSiberiaSiberiaCentralCentralCentralVolga

CentralCentralSiberiaVolga

SiberiaSouthSouthSouthVolga

MLA *MLA *

CentralCentralCentralCentralCentralCentralCentralCentralCentralCentralVolgaVolgaSouthSiberiaSiberiaSiberiaCentralCentralCentralVolga

CentralCentralSiberiaVolga

SiberiaSouthSouthSouthVolga

NetworkLaunch

NetworkLaunchAreaArea Super

RegionSuperRegion

AreaPopul.(‘000)

AreaPopul.(‘000)

32. Cheboksary33. Nalchik34. Gorno-Altaysk35. Krasnoyarsk36. Samara37. Astrakhan38. Ulyanovsk39. Kaliningrad **40. Norilsk41. Makhachkala42. Stavropol **43. Cherkessk **44. St. Petersburg45. Tura46. Tambov47. Leningrad Reg.48. Ekaterinburg49. Novgorod50. Penza51. Yoshkar-Ola52. Chelyabinsk53. Tyumen54. Saransk55. Elista56. Vladikavkaz

VolgaSouthSiberiaSiberiaVolgaSouthVolga

North WSiberiaSouthSouthSouth

North WSiberiaCentralNorth W

UralNorth W

VolgaVolgaUralUral

VolgaSouthSouth

1,314900203

2,9663,2401,0071,382

955135

2,5842,730

4404,669

181,1801,6714,490

6951,453

7283,6063,266

889292710

Oct 2002Oct 2002Oct 2002Oct 2002

Nov 2002Nov 2002Dec 2002Dec 2002Dec 2002

Jan 2003Jan 2003Jan 2003

April 2003Aug 2003

Oct 2003Oct 2003

Dec 2003Dec 2003Dec 2003Dec 2003Dec 2003Dec 2003Dec 2003Dec 2003Mar 2004

* Moscow license area

** Acquisitions

8

3.71

1.44

3.95

2.24

4.43

3.00

5.08

4.18

5.66

5.78

4Q02 1Q03 2Q03 3Q03 4Q03

VimpelCom Subscriber Base, mln

Moscow Regions

3.71

1.44

3.95

2.24

4.43

3.00

5.08

4.18

5.66

5.78

4Q02 1Q03 2Q03 3Q03 4Q03

VimpelCom Subscriber Base, mln

Moscow Regions

VimpelCom Market Share

49%49%49%50%52%

31%31%30%29%28%

23%19%

17%13%

0%

20%

40%

60%

4Q02 1Q03 2Q03 3Q03 4Q03

Moscow Russia Regions

VimpelCom Market Share

49%49%49%50%52%

31%31%30%29%28%

23%19%

17%13%

0%

20%

40%

60%

4Q02 1Q03 2Q03 3Q03 4Q03

Moscow Russia Regions

Strong Subscriber Growth

Source: VimpelCom, independent sources

5.15

6.19

7.43

9.26

11.44

21%

9

Strong Growth In The Regions

523

416106285110

706

579

416

422119

903

775

545

594

188

1,226

1,073

744

824

316

1,616

1,458

1,166

1,030

496

4Q02 1Q03 2Q03 3Q03 4Q03

VimpelCom Regional Subscriber Base, ('000)

Central Volga South Siberia Northwest

523

416106285110

706

579

416

422119

903

775

545

594

188

1,226

1,073

744

824

316

1,616

1,458

1,166

1,030

496

4Q02 1Q03 2Q03 3Q03 4Q03

VimpelCom Regional Subscriber Base, ('000)

Central Volga South Siberia Northwest

4,183

3,005

2,242

1,440

5,777

10

Note:BTS – base transceiver stationBSC – base station controllerMSC – mobile switching center

Network Rollout As Of 12/31/03

Source: VimpelCom

№ of BTSs 2,681 2,556 4,330 3,525 7,011 6,081

№ of BSCs 116 114 111 89 227 203

№ of MSCs 12 10 47 45 59 55

4Q2003 3Q2003 4Q2003 3Q2003 4Q2003 3Q2003

Moscow Regions Total

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Key Subscriber Statistics

Moscow 5,660 3,713 52% 5,076 12% Contract 820 725 13% 799 3% Prepaid 4,840 2,988 62% 4,277 13%

Regions 5,777 1,440 301% 4,183 38%

Total 11,437 5,153 122% 9,259 24% Contract 1,491 1,082 38% 1,470 1% Prepaid 9,946 4,071 144% 7,789 28%

Churn (quarterly) 9.7% 8.7% - 9.6% -

(‘000) 31 Dec 03 31 Dec 02 YtY 30 Sept 03 QtQ

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Key Financial Figures

Net Revenues* 407.7 229.0 78.1% 379.0 7.6% Moscow* 263.0 192.5 36.6% 259.7 1.3% Regions* 144.7 39.8 263.7% 119.3 21.3% Gross Margin 82.0% 79.1% -- 81.8% -- OIBDA 186.9 84.6 120.9% 178.5 4.7% OIBDA Margin 45.8% 37.0% -- 47.1% --

Net Income* 67.7 39.1 73.3% 72.2 -6.2% Net Income Margin 16.6% 17.1% -- 19.1% -- Moscow 48.6 46.3 5.1% 61.6 -21.5% Regions 35.5 (8.7) 507.3% 17.9 98.1% SG&A 148.8 89.8 65.6% 126.9 17.3% % of Net Revenues 36.5% 39.2% -- 33.5% --

Bad Debt -1.3 6.7 -119.7% 4.9 -127.3% % of Net Revenues -0.3% 2.9% -- 1.3% --

Capex 251.6 179.9 39.8% 165.3 52.2%

($ mln) 4Q03 4Q02 YtY 3Q03 QtQ

* Net operating revenues and net income excluding inter-company transactions

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Operational Indicators

ARPU, Blended ($) 12.5 16.0 -21.9% 14.4 -13.2%ARPU Moscow 15.7 17.6 -10.8% 17.5 -10.3% Contract (Moscow) 52.7 48.9 7.8% 53.6 -1.7% Prepaid (Moscow) 9.1 9.4 -3.2% 10.4 -12.5%ARPU Regions 10.0 11.8 -15.3% 11.5 -13.0%

MOU, Blended (min) 89.3 89.3 0.0% 92.7 -3.7%MOU Moscow 84.7 89.5 -5.4% 92.5 -8.4% Contract (Moscow) 303.1 243.4 24.5% 284.2 6.7% Prepaid (Moscow) 45.9 49.6 -7.5% 54.7 -16.1%MOU Regions 94.4 88.5 6.7% 93.0 1.5% SAC, Blended ($) 18.1 20.9 -13.4% 18.8 -3.7% Moscow 28.4 29.4 -3.4% 27.0 5.2% Regions 12.1 13.5 -10.4% 12.3 -1.6%

4Q03 4Q02 YtY 3Q03 QtQ

14

Strong Balance Sheet

223

700

278

926

651

1,693

607

2,302

2000 2001 2002 2003

Assets and Liabilities, $'000

Total Debt Total Assets

223

700

278

926

651

1,693

607

2,302

2000 2001 2002 2003

Assets and Liabilities, $'000

Total Debt Total Assets

Cash and Cash Equivalents 157,611 263,657 144,172Total Assets 2,302,232 1,692,744 925,806 Total Debt 606,991 650,580 277,673 - Short-term 214,717 176,265 90,350 - Long-term 392,274 474,315 187,323Shareholder’s Equity 998,216 662,663 508,121 LTM OIBDA* 613,230 322,209 148,456 - LTM Depreciation and amortization 185,326 97,417 61,306 - LTM Operating income 427,904 224,792 87,150

LTM Interest 68,246 46,586 26,865

Debt/Equity 0.6 1.0 0.5 Debt/OIBDA * * 1.0 2.0 1.9 OIBDA/Interest 9.0 6.9 5.5 Debt/Assets 0.3 0.4 0.3

($’000) 12/31/03 12/31/02 12/31/01

Source: VimpelCom

* LTM OIBDA constitutes the sum of the lines: LTM Operating income and LTM Depreciation and amortizationLTM stands for “last twelve months” to reporting date

* * In cases when OIBDA is part of financial ratios it is deemed to be calculated in accordance with thereconciliation tables herein

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101.1

238.3 221.7

509.1 511.9

728.0

2001 2002 2003

Net Operating Cash Flow/Capex, $ mln

Net Operating Cash Flow Capex

101.1

238.3 221.7

509.1 511.9

728.0

2001 2002 2003

Net Operating Cash Flow/Capex, $ mln

Net Operating Cash Flow Capex

Net Operating Cash Flow vs CAPEX

Source: VimpelCom

16

Corporate Actions

‣ Merger between VimpelCom and VimpelCom-R

Major remaining steps:

Approval at the Joint EGM of VimpelCom and VimpelCom-R shareholders on April 16;

Transfer of licenses and frequencies to VimpelCom;

Liquidation of VimpelCom-R;

Placement of VimpelCom shares to Alfa and Telenor in exchange for their ownership position in VimpelCom-R

17

Corporate Actions (con’t)

‣ Merger between VimpelCom and KB Impuls

Major steps:

Approval at the AGM on May 26 by more than 50% of all disinterested shareholders;

Approval by anti-monopoly authorities;Obtaining third party consents (suppliers, creditors);Approval at the Joint EGM of VimpelCom and KB

Impuls shareholders (a formality required by Russian law);

Transfer of licenses and frequencies from KB Impuls to VimpelCom;

Liquidation of KB Impuls

18

Summary

‣ Ongoing rapid subscriber growth resulted in more than 13 million subscribers

‣ Strong financial results with net income growth over 80%

‣ Leader in the key Moscow market; overall market share in Russia has increased to 31%

‣ Ongoing corporate actions will create full exposure for minority shareholders to regional growth and simplify corporate structure

‣ Proposed merger with KB Impuls will safeguard VimpelCom’s Moscow operations against regulatory risks and simplify corporate structure

‣ Operational focus going forward: maintain growth, sustain profitability and combat churn

19

Reconciliation of OIBDA and OIBDA margin

Reconciliation of VimpelCom OIBDA to operating income

OIBDA 186,893 84,615 613,230 322,209 Less: Depreciation (42,776) (26,679) (151,262) (85,204) Less: Amortization (9,083) (3,476) (34,064) (12,213) Operating Income 135,034 54,460 427,904 224,792

(Three months ended) (Years ended)($ ‘000) Dec. 31, 2003 Dec. 31, 2002 Dec.31, 2003 Dec. 31, 2002

Reconciliation of VimpelCom OIBDA margin to operating income as percentage of net operating revenuesOIBDA margin 45.8% 37.0% 45.9% 41.9% Less: Depreciation as % of net operating revenues (10.5%) (11.7%) (11.3%) (11.0%)

Less: Amortization as % of net operating revenues (2.2%) (1.5%) (2.6%) (1.6%)Operating income as %of net operating revenues 33.1% 23.8% 32.0% 29.3%

20

Reconciliation of OIBDA and OIBDA margin

Reconciliation of VimpelCom-Region OIBDA to operating income

OIBDA 62,345 (26) 160,766 (3,064) Less: Depreciation (11,740) (3,871) (39,917) (9,350) Less: Amortization (5,995) (713) (21,970) (1,530) Operating Income 44,610 4,610 98,879 13,944

(Three months ended) (Years ended)($ ‘000) Dec. 31, 2003 Dec. 31, 2002 Dec.31, 2003 Dec. 31, 2002

Reconciliation of VimpelCom-Region OIBDA margin to operating income as percentage of net operating revenuesOIBDA margin 40.2% (0.1%) 36.5% (3.7%) Less: Depreciation as % of net operating revenues (7.6%) (9.9%) (9.1%) (11.2%)

Less: Amortization as % of net operating revenues (3.9%) (1.8%) (5.0%) (1.8%)Operating income as %of net operating revenues 28.7% (11.8%) 22.4% (16.7%)